The racing game will be developed by Liverpool studio Lucid Games, which is made up of ex-Criterion and Bizarre Creations staff, reports STFUandPlay.
An image on the Lucid Games website (above), meanwhile, depicts London with a "Road Opens 2013" sign in the foreground.
The picture suggests that the new Xbox will launch later this year, backing up previous reports.
Project Gotham Racing 3 was an Xbox 360 launch title and was followed by a sequel, which introduced motorbikes.
Development studio Bizarre Creations was subsequently purchased by Activision, before closing down in 2011.
The new Xbox has reportedly entered beta, with a shipment of brand new prototype kits having made their way to developers.
Alleged Xbox 720 patent filings suggest Microsoft's next console will feature an improved Kinect device and two CPUs, one for gaming and another for multimedia applications.
Photo gallery - games we can expect on PS4, next Xbox:
Copyright: Warner Bros. LucasArts
The filings support some of the details discovered within a set of alleged leaked Xbox 720 documents from 2010.
The 56-page set was removed from the web following an intervention by Microsoft's legal team.
It claimed that the Xbox 720 will launch during the 2013 holiday season and feature Kinect 2.0, 3D technology and the long-rumoured Xbox TV.
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